Lascom solution for contract lifecycle management
Lascom contract lifecycle management software is a browser-based solution that cost-effectively manages data, documents, obligations, activities, business processes, and workflows through the full contract lifecycle. It manages the contract from opportunity through contract development, then to contract administration.
Optimized contract management
The contract management software provides an integrated and simplified solution that allows companies to use the system to increase productivity and visibility, thereby reducing costs and minimizing risks. With Lascom’s contract lifecycle management solution, companies can develop contracts quicker, with more management visibility, and track the required obligations to completion without passing effectivity dates.
Throughout the platform, Lascom contract lifecycle management offers a “single version of the truth” for the contracting data. Contract requests, signed contracts, standard clauses, contract templates, amendments, exhibits, and contract reviews are all stored in one central system with full record history and versioning capabilities.
The contract lifecycle management system can be used to view a customer’s existing contracts, track opportunities for future deals, manage existing obligations for that customer and full company and contact information and history.
The significance of information gathering in contract management
Opportunities supervision in contract management
An optional component of Lascom contract lifecycle management software is the ability to track and manage the prospecting, qualifying, and negotiating stages of business development.
Using standardized electronic data and workflow technology, the system provides the functionality of a highly customized customer relationship management solution.
Contract development initiates contract lifecycle management
Contract development consists of contract drafting, review, and approval. During the drafting stage, Lascom contract management solution leverages the functionality of the Lascom Word connector. The Word connector is a specialized integration with Microsoft Office Word, which allows contract drafting to be done entirely within Word while enabling the management of the contract document, text and data within Lascom central knowledge base. The approach of working directly in Microsoft Word has the advantage of maximizing flexibility and user acceptance by retaining a more familiar look & feel to the work environment.
Contract administration closes contract management loop
Effective and efficient contract administration is of considerable importance to minimize contractual, financial, and regulatory risk. The contract management software allows users to centrally codify and track the execution of administrative tasks to ensure all obligations are completed as agreed. Using a wide range of collaboration, task, reporting, and process management tools, and the system balances the need for structure and conformity with flexibility and speed.
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